KUALA LUMPUR: – The ringgit closed lower against the US dollar today in tandem with most regional currencies, weighed down by concerns on China’s slowing economic growth and weak factory data, said a dealer.
At 5 pm, the ringgit was quoted at 4.2070/2150 against the greenback from 4.1620/1680 on Tuesday.
However, Inter-Pacific Research Sdn Bhd Head of Research Pong Teng Siew said the ringgit had stabilised from the recent drop, taking advantage of the recent substantial gains in crude oil prices.
“We don’t expect the ringgit to drop much further, but this would depend on the crude oil movement,” he told Bernama.
The ringgit was also traded lower against other major currencies.
It declined against the Singapore dollar to 2.9736/9803 from Tuesday’s 2.9526/9588 and fell against the yen to 3.5096/5178 from 3.4741/4800 yesterday.
The local unit depreciated against the pound sterling to 6.4346/4477 from Tuesday’s 6.3803/3920 and eased against the euro to 4.7455/7549 from 4.6927/6003 previously. -- BERNAMA